There’s no secret answer to “how to be successful in real estate”, but there are steps you can take to succeed as a real estate agent and be successful in real estate sales. You have to work hard on developing your skills, invest more time in research, and adapt to the latest technology and market trends. But before we jump in…
A Quick Overview: What Do Real Estate Agents Do?
Before we talk about how to be successful in real estate as an agent, let’s outline what an agent does. If you’re not new to the industry, feel free to skip this section!
In short, real estate agents help clients rent, buy, and sell property. In reality, an agent’s job description is much more detailed. Some of the main things a real estate agent does on a regular day are generate and qualify leads, as well as research and compile data on properties for sale in a specific location, along with information on prices, features, etc. An agent also shows properties to prospective buyers, organizes open houses, and manages the paperwork in between. Think of an agent as an intermediary between buyers and sellers, a coordinator of the processes that occur between the former and the latter.
Learn more: What Does a Real Estate Agent Do Exactly?
How to Be Successful in Real Estate
Now that we’ve summarized what an agent essentially does, let’s talk about some tips for long-term success in real estate.
Continue to research and to improve your knowledge
This is one of the foundations of success as an agent. To be the best at what you do, you should cultivate the knowledge. Research, ask, read, connect, and repeat. Aim to become the expert in the local housing market you’re working, as well as becoming a resource for other real estate agents as well as your clients in the market. Your knowledge should also equip you with the skills to analyze and predict how changes in the economy and overall trends could affect the industry and your work in specific. It’s also important to continuously review listings and prospects to generate real estate leads for your pipeline.
Based on the research and information you gather, you should be able to develop a long-term business plan and budget. A business plan is another vital element that will help you in laying out your goals and devising ways to achieve them. You cannot really measure success without having a plan, can you?
The real estate industry, like others, is ever-changing, so continue to learn along the way and adjust your plan when needed. Read real estate books, attend networking events and seminars, and make connections – which is our next tip!
Establish good connections in real estate
Connections are essential in the real estate business, just as in every other industry. Whether you’re an investor, a developer, or an agent, it’s crucial to have a strong real estate network. Your real estate network is a means of expanding your business, meeting other players in the industry, and generating real estate leads. It also gives you the platform to share your knowledge, learn from other agents, market yourself, and even build your dream real estate team.
Market, market, and market some more
Real estate marketing is absolutely imperative in today’s industry. Even if you’re the best real estate agent in your area, there’s only so much success you can achieve without proper marketing. Marketing your real estate business is key in acquiring new clients and generating qualified real estate leads.
To do so, use different marketing channels including a website, and focus on social media. Establish your online presence on platforms such as Facebook, Instagram, LinkedIn, and Twitter. In addition, work on creating social media plans and develop engaging content that targets real estate clients you aim to cater to. This will help you convert social media posts into sales. Follow agents and successful realtors to get inspired, and develop your own posts, keeping your own work and brand in mind. You can also consider using more traditional forms of marketing, such as referrals (word of mouth), local events, and print ads.
Make the best use of technology
To really succeed in the real estate industry, take advantage of available technology tools for real estate agents.
Technology can help you better manage your contacts and leads. When starting out, you can begin with a simple spreadsheet. As you build your contacts and leads, you can consider investing in a professional program to help you better manage everyone on your lists.
Another great use of technology for agents is AI lead qualification programs and real estate investment software. One example of these tools is Mashboard, a platform that grants agents access to predictive analytics on buyers, sellers, and properties. With Mashboard, you’ll have access to key data on leads. The software’s algorithm will use the data to let you know whether or not the lead is qualified. You can also access homeowner data in order to generate seller leads. To learn more about our software, schedule a demo now.
Adapt to current conditions
Of course, we couldn’t leave this one out, especially as real estate agents nationwide struggle to work amid a global pandemic. During this time, you may need to shift to hosting virtual open houses and virtual tours, focusing your efforts on digital marketing, and improving your overall digital and online presence.
You can follow all of the above tips, and still struggle to succeed if you don’t learn to adapt. Coronavirus is just one example of how things can rapidly change for agents, but there are several other ways the industry can change. The most successful real estate agents are ones who can adapt to change and can adjust to uncertainty.
Develop success habits
When asked “how to be successful in real estate“, most agents will tell you it’s all about consistent habits and routines. No one really “lucks out” when it comes to their real estate career. The key to making it in this competitive, and often challenging industry, is through hard and consistent work. Try to integrate some of the above tips into your work routine, and continue to develop your skills to see progress.
What are your tips on how to be successful in real estate?